Easiest setup in the world to make $, and yet, other nonsense threads are buzzing with activity instead of the only one that actually works, but I still thank you for providing your liquidity to the market today.
You don't provide much inormation or any kind of offer so people can't really say much
Ignored
Disclaimer
This is not financial advice, and nothing here should be taken as a recommendation to trade. I'm sharing my personal approach and how I think about these setups, not telling anyone what to do with their money.
Trading forex and other leveraged instruments carries a high level of risk and isn't suitable for everyone. It's possible to lose more than your initial deposit. Past results don't guarantee future outcomes, and no indicator or strategy works every time.
If you're thinking about trying any of this yourself:
Test it on a demo account first.
Use position sizes appropriate to your own risk tolerance.
Don't risk money you can't afford to lose.
Consider speaking with a licensed financial advisor if you're unsure.
You are fully responsible for your own trading decisions and any profits or losses that result. I'm not liable for any losses incurred from using or interpreting this information.
Alright, so the part of the indicator I'm sharing publicly is pretty simple.
As we all know, moves can be fake or reverse on you. But in my experience, when a pair gets flagged, it tends to follow through. It'll usually run, and then at some point pull back to the Alligator. That pullback is where I personally look to set my TP, around the local min or max.
When price pulls back to the Alligator, I've got a separate support/resistance indicator that often draws an SR level right around then. That's what I personally use for my TP. So here's how I approach it: I enter according to my own risk tolerance, then set TP at the first SR level that forms. For my own sizing, that can work out to a decent number of pips, but obviously your results will depend entirely on your own position size, broker, and market conditions.
In my experience, the pairs tend to push past that SR level often enough that the TP fills even on wider-spread brokers, though of course that's not guaranteed. Price might keep going into a full trend after that, but I don't chase it. This is an intraday approach for me, and there are usually a few of these setups in a day, so I'm not worried about missing the bigger move.
So the general sequence I follow:
The indicator flags a pair.
I consider an entry in the indicated direction, based on my own risk management.
Once the SR indicator prints a level, I set TP there. Or, if price pulls back to the Alligator first, I'll set TP at the local min or max.
One personal preference: I only take pairs that show up earlier in the day, so my TP has time to hit before the session ends. Ones that appear later, say around 18:00 or so, can spill into rollover, where the widening spread tends to cause drawdown. That's just my own preference for avoiding that situation.
I trade NZDCAD but it's been slow. Large rollover spreads kill my pending positions and orders so I have to disable my strategy. Profit target reduced from 30 to 25 pips. When the market is 'normal' it trades the opposite direction from USDJPY
I trade NZDCAD but it's been slow. Large rollover spreads kill my pending positions and orders so I have to disable my strategy. Profit target reduced from 30 to 25 pips. When the market is 'normal' it trades the opposite direction from USDJPY
Ignored
I see. The pair doesn't matter on my end. Any of the Forex pairs is fine. I just trade the ones that are setup to move and I keep entering on pullbacks and set the TP once a support or resistance level gets formed which usually happens after a deep pullback back to the Alligator. So far, there's no support level being formed so I just keep entering on pullbacks.
I didn't enter as aggressively as I wanted to but this is the general idea of the setup. Trading in the direction of the obvious trend and setting TP at the local max/min. Simple.
